Automotive aftermarket worldwide is highly competitive, dynamic and technology-savvy. The sector has managed to keep pace with trends in the ever-changing automobile industry. The aftermarket has been witnessing increasing consolidation in recent years. Increasing number of cars on road directly translates into mounting replacement demand for auto parts and components. The penchant of car owners to turn their cars from a simple transportation machine to an ultimate status symbol by installing a range of electronic gadgets and accessories is driving growth in the automotive aftermarket. As discretionary spends improve, demand for street performance parts and accessories is also expected to rise. Specialty aftermarket equipment and accessories, particularly those that are environmentally friendly, will witness the highest gains in the future. Legislation and consumer-driven demand for fuel-efficient cars will drive demand for fuel-efficiency enhancing and fuel-saving auto components in the aftermarket.

Automotive aftermarket in North America is expected to witness increased demand for accessories that meet customers’ desire for comfort and appearance i.e. custom seats, mats, hands-free phone kits, bluetooth car kits, and auto-repair tools. In Europe, on the other hand, product solutions that enhance the performance and agility features of vehicles, such as steel-belted radial tires will witness the highest adoption. Aftermarket mechanical products such as cooling system components, brake parts & assemblies, drivetrain components, engines & parts, exhaust/emission system components, and filters will continue to witness sturdy demand, given that these products are non-discretionary in nature and need to be replaced as per need for the vehicle to run efficiently.

Aftermarket electronic products such as night-vision devices, global positioning systems (GPS) and reverse and parking-assist systems will become popular targets for market expansion. Increase in electronic content in automobiles coupled with modern consumers’ proclivity to in-car infotainment technologies provides ample opportunities for growth. Additionally, increase in vehicle age and rise in average number of miles travelled per year results in greater need for replacements, refurbishments, and repair, thus translating into higher demand for aftermarket replacement tires.

As stated by the new market research report on Automotive Aftermarket, the United States represents the largest regional market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 6.8% over the analysis period. Growth in the region is driven by strong economic development, GDP growth, growing consumer spending power, and exploding vehicle population.

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